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LAW OF CONTRACT, CONTRACT LAW, CONTRACT LAW, CONTRACT LAW - Coggle Diagram
LAW OF CONTRACT
OFFER
OFFER
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TYPES
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implied
conduct
When you go shopping at the supermarket, you take products off the display shelves and present them at the cash counter for payment
RULES
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clear, precise , capable of acceptance
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TERMINATION OF AN OFFER
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SPECIFIED TIME
when an offeror specifies that the offer made by them will remain open for a certain period, it will lapse when that time is over.
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UNILATERAL & BILATERAL
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BILATERAL
each party to the contract will undertake an obligation, usually by promising the other to do something.
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ACCEPTANCE
DEFINITION
unconditional agreement to all terms proposed by the offeror. An acceptance can be made orally, by writing and by conduct.
Critically important to the enforcement of the contract because rights and obligations come into force at the time of the contract
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Courts will only regard the conduct as indicating acceptance if it seems reasonable to infer that the offeree acted in a way to accept the offer.
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Acceptance by silence could be sufficient if the OFFEREE who suggested that their silence would be sufficient: Re Selectmove Ltd
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CONSIDERATION
DEFINITION
Eastwood v Kenyon 1840
"consideration refers to something of value given by each party in exchange for the promise of the other"
Currie v Misa 1875
"a valuable consideration ... some right, interest, profit or benefit ... undertaken by the other"
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TYPES OF CONSIDERATION
EXECUTED CONSIDERATION
one of the parties has done all that is required of them, leaving the outstanding liability on the other party.
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PAST CONSIDERATION
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consideration is given/performed before the promise of the other has been made - NOT VALID consideration and a party seeking to enforce the other party's promise through such promise will not be able to enforce the promise, as the court will hole that the consideration is PAST
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CONTRACT LAW
CAPACITY (MINORS ONLY)
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CATEGORIES OF CONTRACTS
Necessaries
- minors should be allowed to enter contracts
- minors should pay for goods and service that are supplied to them, and that are classed as 'necessaries' according to their station in life and according to their current needs
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Section 3 of the Sale of Goods Act 1979: 'where the necessaries are sold and delivered to a minor ... he must pay a reasonable price for them therefore.'
a valid and enforceable contract to exist, the goods actually have to be supplied and the minor is obliged to pay a reasonable price.
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Beneficial Contracts of Service - Education, training and employment
- able to support themselves financially, and thus need the capacity to enter into contracts of employment.
- terms of contratc need to substantially benefit the minor.
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REMEDIES AGAINST MINORS
- general rule = minors are not bound by contracts into which they have entered and do not incur liability.
- liability can be incurred if they ratify the contract
- where the contract has been performed by the minor, they will be unable to recover the benefits they have conferred on the other party
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STATUS OF TERMS
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WARRANTIES
minor terms of the contract, contract might be able to continue if they are breached.
:warning:usually of an ancillary or secondary purpose to the contract - the ONLY REMEDY IS IN DAMAGES
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